Kina weaker

Business, Normal

THE kina was weaker against major currencies last week, except against the yen and the euro, which saw some gains.
The kina-yen and kina-euro exchange rates relatively appreciated by about 0.6% and 7.6% respectively, but suffered about 5.9% and 2.7% decline against New Zealand dollar and Australian dollar, respectively.
The ANZ Bank’s weekly market report said the local currency’s crosses were influenced by news on US Federal’s decision on discount rate hike.
The kina-Aussie cross depreciated by 2.7% despite Reserve Bank of Australia (RBA)’s hinting that more interest rate rises were likely.